The massive Pieter Schelte, the worlds widest and largest twin hulled ship, is getting primed to elevate and transport the topsides from the decommissioning Brent Delta platform in the UK North Sea. Shell is now consulting on the decommissioning project, which is believed to be one of the most complex and sizeable of its kind.
The company will be starting a one-month consultation towards the end of February on stage one of the project, which will begin with the removal of the topside in 2016. It weighs 23,500 tonnes.
The de-commissioning industry is expected to generate £40 billion of revenue over the coming 25 years, offering significant potential for UK firms and their skilled workforce, many of whom are considering their future in the light of revised expectations for the UKCS and the current operating climate.
Meanwhile, Brent Crude has continued to be volatile this week, with futures posting the greatest single-day gain for six years last week, which was rapidly followed by a plummet on Wednesday. Another price upswing occurred the following day, demonstrating how uncertain the short-term movements for the oil benchmark are. American inventories have shown that supplies of US crude are now at their highest for eighty years, which will strengthen fears about a possible glut in oil supply and continuing downward pressure on prices.
However, Reuters has said that China’s central bank has signalled a strong intent to buy at levels which will boost demand. Additionally, rising levels of violence in Libya have also helped the market to rebound. A roller-coaster of price movements is expected over the coming week, as market traders continue to guess at what the bottom of the market could truly look like.
Last updated on 09:54AM - 07/04/15